Bitcoin is likely to see an increase in its price in the next month, November that is about to start.
The price will boost up in the month of November as there are only six months left in the Bitcoin halving event and the price of Bitcoin usually increases six months before the halving event as its previous data suggests.
Bitcoin may see Price Rally in November
The world’s leading digital asset is expected to see price rally in the month of November. It is hoped that Bitcoin may record its high mark of this year crossing its previous 2019 high mark that is $13,880.
In the month of October, the price has somehow managed to show positive performance as it reached $10,350 recovering from the figure of $7,500.
So, now it is expected from the coin to go further from this mark of $10,350 by showing a strong bullish rally in the next month.
What does BTC Historical Data say
The historical data of bitcoin says that bitcoin will show a bullish performance in the month of November.
In the previous two halving events of 2012 and 2016, bitcoin recorded a price upsurge. In both halving events, the value of Bitcoin increased six months before the halving event, specifically in the month of November.
According to BTC historical data, Bitcoin price reached the bullish mark of $10 mark in November 2012. In this year, block halving reward was cut half from 50 BTC to 25 BTC.
While in 2016, the price showed a price rally moving from $360 to $780 before the bitcoin halving event. The bitcoin mining reward was further cut down from 25 BTC to 12.5 BTC in the 2016 halving event.
If this BTC historical data repeats itself once again, then hopefully the coin may succeed to show a bullish rally and may even record a high mark of 2019.
Six months left in BTC Halving Event
There are now only six months remaining in the Bitcoin halving event. The Bitcoin halving event will be held in May 2020. Once again the digital asset will go through the mining reward process.
In Bitcoin halving of May 2020, the mining reward of miners will decrease down by half. The miners will now receive 6.25 BTC instead of 12.50 BTC. And after this event, the supply of the new coins will automatically drop by half.